SEC clears Dangote Refinery for landmark N2.15tn IPO - ITREALMS

The Securities and Exchange Commission (SEC) has granted formal regulatory approval for Dangote Petroleum Refinery and Petrochemicals FZE to launch its Initial Public Offering (IPO), setting the stage for what stands to become the largest equity issuance in the history of the Nigerian capital market, reports ITREALMS.

The regulatory clearance was conveyed via an official letter to the Lead Issuing House, Vetiva Advisory Services Limited, signed by Abdulkadir Abbas, Director of the Securities and Investment Services Department at the SEC. 

Under the approved framework, the transaction will offer 4.1 billion ordinary shares to the investing public at ₦525 per share, aiming to raise approximately ₦2.15 trillion upon full subscription. 

Concurrently, the Commission registered the refinery's existing 120.13 billion ordinary shares, authorizing the enterprise to hold its Completion Board Meeting and Signing Ceremony.

The regulatory clearance marks a defining turning point for the Ibeju-Lekki mega-refining complex, opening public equity participation in one of Africa's most strategic industrial assets.

Operating a current refining capacity of 700,000 barrels per day (bpd), the facility holds the distinction of being the world's largest single-train refinery, complemented by a 900,000 tonnes per annum polypropylene plant and an independent 435-megawatt power plant.

The complex is designed to fully absorb domestic demand for refined petroleum products while supplying key export destinations, with active expansion works underway to scale overall capacity toward 1.4 million barrels per day.

Supported by extensive marine infrastructure, the integrated port complex incorporates five Single Point Moorings, multi-purpose quays capable of accommodating Panamax vessels, and a 177-tank storage network with a collective holding capacity of 4.742 billion liters. 

The facility's processing tech adheres strictly to World Bank, European emission, United States Environmental Protection Agency, and local statutory standards. 

SEC approval now clears the path for the landmark public floatation, significantly expanding broad-based investor participation in Nigeria’s evolving energy sector.